Complaint Review: Aurora Loan Services
- Aurora Loan Services
10350 Park Meadows Drive
- Phone: 866-521-3828
- Category: Mortgage Companies
Aurora Loan Services ALS refusing to lower adjustable interest rate on April 1 as scheduled according to Note Littleton Colorado
First, they tell you that you must be late on payments before they will look at any modification. Once you're late, they inform you that you must be current for 3 months before they'll look at a modification. Which is it? Who knows? One statement they did make was that they would raise my interest rate and put me into a principle and interest payment instead of an interest only. That increases the payment rather than reducing the payment.
Lastly (WATCH FOR THIS) - IF you have an adjustable, interest only loan based on the LIBOR, your interest rate may be adjusting to 3.875% in April. BUT, they are refusing to adjust the rate IF you are in arrears on your payment(s), even if you're current for 3 months. That condition(refusing to adjust your rate according to the terms of your Note) is not written anywhere in the Promissory Note that I can find. Is that legal?
Anyone with an adjustable loan needs to look at the terms of their Note. That could be a reduction of up to $600/mo in my case according to Aurora. Could anyone else out there appreciate a $600/mo reduction in payment?
This report was posted on Ripoff Report on 02/09/2009 07:07 PM and is a permanent record located here: http://www.ripoffreport.com/reports/aurora-loan-services/littleton-colorado-80124/aurora-loan-services-als-refusing-to-lower-adjustable-interest-rate-on-april-1-as-schedule-422198. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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